(Oct 27): Treasury Secretary Scott Bessent on Monday confirmed the names of five finalists to succeed US Federal Reserve (Fed) chair Jerome Powell, with the president saying he expects to make his decision by year end.
The candidate pool has narrowed to current Fed board members Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, White House National Economic Council director Kevin Hassett and BlackRock Inc executive Rick Rieder, Bessent told reporters on Monday on Air Force One.
Bessent, who is leading interviews for the position, reiterated that he’s planning to do a further round of interviews, and hopes to present a “good slate” to US President Donald Trump after the Thanksgiving holiday.
Trump himself told reporters that he expects to make a decision on the nominee before year end.
“We have a person who is not at all smart right now,” Trump told reporters, reprising his regular criticism of Powell, whom he’s charged with holding back the economy by failing to slash interest rates.
Fed policymakers are widely expected to lower rates at their two-day policy meeting concluding on Oct 29, Wednesday, by 25 basis points. That would be the second such move in a row. Before policymakers resumed cutting their benchmark, Trump had said he wanted the central bank to reduce rates by three percentage points.
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The president also on Monday reiterated that he didn’t expect Bessent to leave his current post to helm the Fed.
The next chair is likely to be named to a 14-year Fed governor term, which opens up in early 2026. Powell’s term as the Fed chair concludes in May.
Uploaded by Tham Yek Lee
